The Formative Years of the Iran–United States Claims Tribunal

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After the seizure of the U.S. Embassy in Tehran on 4 November 1979 and the taking of 52 American citizens as hostages, and after President Carter in retaliation froze Iranian assets in the United States banks, at home and overseas, valued at some 12 billion dollars, the grave crisis was not finally settled until 19 January 1981, after 444 days. The hostages were released and arrangements were made for the free transfer of the frozen Iranian assets. The settlement also provided for the establishment of an Arbitral Tribunal at the Hague for the solution of a wide range of specified claims. An ``insider'' tries in this article to describe the complex and burdensome building up and organisation of the largest and most important international arbitration to date.

Affiliations:
1: Former President of the Iran–United States Claims Tribunal